Azerbaijan Methanol Co, LLC Caspian Trade Company and LLC Froil have announced merger.
In November, after the insolvency of the company Azerbaijan Methanol Co. its management moved from the group of companies PNN Group to SOCAR.
At the same time SOCAR created its own company (LLC SOCAR Methanol) for operations around the methanol production management. The Director of both companies (SOCAR Methanol and Azerbaijan Methanol Co.) was appointed Eldar Mustafayev. Today the company Azerbaijan Methanol Co. is managed by Ilham Gyulmaliev. He is the director of LLC Caspian Trade Company.
Note that the group of companies PNN Group has a few companies related to the methanol production project: AZMECO Alternative Energy, AZMECO Construction, AZMECO Energy Invest, AZMECO Greenhouse, AZMECO Oil Refinery and Petrochemical Technologies , AZMECO International Finance Limited, AZMECO Inshaat and Fateh and AZMECO EPC Group. 08B
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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